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CNN
Dec 29, 2012 6:30am PST
york city. listen. >> how in the world do you save for a house? >> how in the world do you save for a house? i'm going to ask amy and jack this. how much do you need to have a down payment for a house at this point? >> well, the good rule of thumb today is 20%, and you also have to have really good credit to be able to get some of these really low mortgage rates. so put the money aside over time, but, you know, as paul mentioned before, when you buy a house is your own personal financial situation. you have to be ready for that, and don't jump into it now because of these low prices and low mortgage rates. if you're simply not ready. it has to be the right time for you, and as we learned over the last decade, really bad things can happen when people jump into this too early. >> jack, what's the saving plan people need to have for putting the money aside? >> number one, how much will it cost you? look around when you plan to live and realize i freed to raise $25,000 for a down payment. two things. one, it's realistic. not going to do that by tomorrow. number two, you can have tha
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